Ukraine is considering moving away from the U.S. dollar and closer to the euro as a benchmark for the hryvnia, National Bank Governor Andrii Pyshnyi told Reuters.
The Atesh partisan group claims it disabled communication at several Russian military facilities when it allegedly destroyed equipment at a transformer substation in the village of Mogiltsy in Russia's Moscow Oblast.
"The Russians are asking for a certain set of requirements, a certain set of concessions in order to end the conflict. We think they’re asking for too much," U.S. Vice President JD Vance said on May 7, according to Politico.
EU ambassadors began talks this week on a 17th sanctions package that targets Russia’s military-industrial complex, Moscow’s shadow shipping fleet, and related support networks.
Dry bulk cargo vessels, including ships carrying grain, at the southern entrance to the Bosporus Strait leading to the Black Sea beyond pleasure boats docked in a harbor in Istanbul, Turkey, on Wednesday, Nov. 2, 2022. Wheat prices plunged after Russia agreed to resume the deal allowing safe passage of Ukrainian crop exports, reversing a weekend announcement that sowed chaos through agricultural markets and sent prices soaring. Photographer: Nicole Tung/Bloomberg via Getty Images
Turkey's trade boom with Russia is faltering due to "rapidly expanding" Western sanctions lists, Bloomberg reported on April 5.
Following extensive sanctions imposed by Western countries against Russia in response to its invasion of Ukraine, Turkey became one of the key lifelines for Moscow's international trade.
Turkish machinery exporters, who benefited from the surge in sales to Russia last year, may see their revenues drop by $1 billion in 2024 due to sanctions, Bloomberg said, citing Kutlu Karavelioglu, the chairperson of the Machinery Exporters' Association.
This represents one-third of last year's sales to Russia, Karavelioglu clarified for Bloomberg.
Data published by Turkey's Trade Ministry indicate that exports to Russia dropped by 33.7% in the first quarter of 2024 compared to a year earlier.
Other trade partners crucial for Russia's economy have also begun scaling back their business dealings in the wake of Western sanctions.
Buyers in India, the second-largest importer of Russian oil after China, have begun rejecting Russian shipments from sanctioned suppliers.
Several Chinese financial institutions started curbing their activities with and in Russia, also reportedly as a result of the pressure stemming from the sanctions.
Martin Fornusek is a news editor at the Kyiv Independent. He has previously worked as a news content editor at the media company Newsmatics and is a contributor to Euromaidan Press. He was also volunteering as an editor and translator at the Czech-language version of Ukraïner. Martin studied at Masaryk University in Brno, Czechia, holding a bachelor's degree in security studies and history and a master's degree in conflict and democracy studies.
Chris York
